Bill > HB5418

This bill amends the Michigan Strategic Fund Act to enhance transparency and accountability for businesses receiving economic development assistance. The bill requires the Michigan Strategic Fund (MSF) to post detailed information on its website about businesses that have received grants, loans, or other economic assistance, including those that have ceased operations or failed to meet agreement terms. Specifically, for businesses that stop operating in Michigan, the fund must publicly disclose the business name, type and amount of assistance received, and the likelihood of recovering the funds. For businesses seeking to amend their agreements or failing to meet agreement terms, the fund must quickly post notices describing the proposed changes or specific terms not met, including details about job creation, assistance amount, and potential fund recovery. The bill maintains existing provisions about the fund's ability to provide economic assistance to qualified businesses, with a focus on job creation and investment in Michigan, while adding new layers of public transparency about how these economic development funds are used and the outcomes of such investments.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5418